Auxiliary Engine Market 2019 – Industry Size, Share, Dynamics, Status, Outlook and Opportunities: 2026
Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :Increasing the volume of maritime trade and shipping activities will be one of the primary drivers fueling the growth of the global auxiliary engine market size during the forecast period. According to the United Nations Conference on Trade and Development(UNCTAD), world seaborne trade volume is estimated to grow by 3.8% between 2018 and 2023. In 2018 itself the volume rose by 4% from 2017 levels, reaching 10.7 billion tons. Moreover, the global fleet capacity also grew by 3.3%, hitting 42 million gross tons in 2017. Since auxiliary engines are extensively used in ships to reduce their fuel consumption, expansion of seaborne trade will augment the auxiliary engine market growth in the forthcoming years.
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Fortune Business Insights, in its report, titled Auxiliary Engine Market Size, Share and Global Trend By Application (Commercial, Recreational, Others), By Fuel Type (Diesel, Gas, Others), and Geography Forecast till 2026, shares a comprehensive analysis of the vast spectrum of factors, trends, prospects, and competitive and regional dynamics that are likely to influence the growth trajectory of the market in the given time period. The report also incorporates an elaborative overview of the general industry outlook that will aid businesses to plan strategies best suited to the requirements of the market.
Mitsubishi Heavy Industries, GE Transportation, Deere Company, Megatech Power, Hyundai Heavy Industries, Volvo Penta, Caterpillar, SCANIA, Perkins, Man SE, Wrtsil, Daihatsu, Deutz AG, Cummins,
Key Industry Developments:
April 2019:Volvo Penta showcased its new and heavy-duty D8 MH and MG marine engines at the recently concluded Norshipping show in Oslo. These are advanced engines that operate at lower decibels, are lighter, and also have lower vibration levels compared to other similar engines., October 2018:Chilean Navy selected General Electrics Marine Solutions to provide a wholesome and integrated marine propulsion system for Navys new Polar Class of vehicles designed for Antarctic expeditions.
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Asia-Pacific to be in the Drivers Seat; Europe to Boast an Impressive Growth Rate
Among regions, Asia-Pacific is slated to dominate the auxiliary engine market share owing to the presence of major shipping and marine engine producing countries, mainly China, Japan, South Korea, and India. Additionally, government-sponsored schemes promoting sustainable shipping practices in these countries will further propel the market in the region. Gradual shift towards low emission shipping and increased pace of building commercial vessels will be the lead growth drivers in North America. In Europe, the market will be mainly driven by the rising investment of EU members in the marine industry.
Innovative Product Offerings to Stimulate Competition
Key players are looking to gain a competitive edge in this market by doubling down their investment in research to develop new and innovative products. This strategy will not only diversify their product portfolio, but it will also enable companies to entrench their position in this market, according to the auxiliary engine market analysis by Fortune Business Insights.
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